FX.co ★ Oil remains trapped inside the triangle pattern.

Black lines- triangle pattern

In our previous analysis on Oil price we mentioned that Oil price is trapped inside a triangle pattern and that we were approaching key resistance area. Oil price reached as high as $80.93 on an intraday basis but bulls got rejected and turned lower. For a second day on a row price is under pressure after getting rejected at the upper channel boundary. $73-$73.50 remains our pull back target and key support.